1957-08-08 — Page 9

THE CHINA MAIL, THURSDAY, AUGUST 8, 1957.

TRADE and COMMERCE SECTION

BANGKOK AGREES TO PAY SHELL SPO

Agreement On Outstanding Debts For Oil

Bangkok, Aug. 7.

HONGKONG

STOCK EXCHANGE

STOCKS RALLY NEW YORK RUBBER

ON NEW YORK:

WIDE

YORK: GAINS

New York, Aug. 7.

COTTON

MARKET

New York, Aug. 6. Cotton futures today drifted Irregularly lower for the third cession in row as bitrgau- minded traders ewaited the government's first crop estimato

of the season tomorow.

The stock market met support in a last minute The Thai Government had reached an

rally which lifted prices more than nine points. understanding with the Shell Oil Company Exchange us morning amount from the lows and restored more than half the on payment of outstanding debts for oiled to $206,000, Neon quotations sharp losses which followed the raising of prime |

Our Own Correspondent Businces dene the Stock

and the morning's dealings

share

nyers Sellers BANKS

1122 SHIPPING Wheelock DOCKS, ETC.

supplied and on the building by the Govern ment of its own refinery, a joint com- Bank munique stated hore,

Talks began when the of company pressed for pay-Rhurt. ment of 34,000,000 ticals (about £600,000) outstanding, Provident and asked for future payment within 30 days of delivery. LAND. ETC. It said large amounts were also owing to its competitors, HK Hotel..

Air Force Captain Phorphan Manirat, Secretary to the Director-General of the Government Of Fuel Organi- sation, was reported as saying "the olf companies are trying to choke the Government."

C

The oil companies were accused semi-officially of in- terfering with the Government's plan to build its own refinery.

COMMUNIQUE

Today's joint communique after a meeting between the Shell Manager. Mr J. E, Evans, and the Minister of Defence, Field Marshal Sarit. Thamrat, said:

"The administration understands well that the company does not obstruct plans for exploiting oll resources in Ampur Farng (the proposed government refinery) or elsewhere.”

It said also the government had not been paid by its own units for of supplies, and would make cuts from their budgets to pay the oil company.-Reuter.

OUTLOOK FOR STEEL IN U.S.

New York, Aug. 7.

For the remainder of 1957, the steel market will be regulated by automobile designers and manufacturers, according to some trade quarters. Public reception of the new model cars will point the way for steel production totals, they add.

HK Land Benity DUBHER

lending rates yesterday, Salta

31820

The Mcoveries lifted in 7.03 7.02 2300 7.90 dividual stocks in the steels, oils, metals, chemicals, moters, rails nd mecellantunts groups a point 2000 4190 to more than four pulls t

112

50 113

401%

11.80

FRI

1

202 1

15% 1500

1.50 .... 1.47

1.470 1.50 2400 4 $16 1000 15 1.30 1.20

Tyern .... 24.20 24.30 Yaumall

Ind DY 10.60

103 24.20

1700 170

Amalg

C. Light..

112 Electric

Macao E... Tel. INDUSTRIALS

Cement Hope STORES, ETC.

Dali

Watson

L. Craw,

X All... Sincitu

COTTONS

Radio Corporation

Republie Her!

Ryualds Metal Sears, Roebuck & Ca Shell Oil Co.

Saint Reg Paper

Sinclair Ou

Borny Mol

Areralt...

Bouth Puerto Rico fogar Southern Co. (The) .... Southren National Cas

It gave backing to market -comment which had termed the

increase in interest

rates an excum rather than a reason them Railway (Com.) for veiling. Support appeared | Standard Grands, .. as industriais were sting at April 20 1evels.

The buying volled already 12.40 13 300 or active trading and lifted turn 20.00-20.00 1800 er 19.63 | over for the ression to 2,400,000|

74 219.50 10.50 10.00 3756 10.40 thurry, heaviest since July 16 a 30% 20.10,540,009 shares phtud of Tues-

clay.

23 28.79

3221

1312

10

1230

13.00 14.10

Nanyang INVESTMENTS

Allied

4.123

160 4:30 rt 2

SOFT SPOTS

Sudeaker-Packard Corp.

Swiit & Co.

Тека Сп.

Tide Waler Assii. Dil Time Inc.

After an extreme loss of $1,30 bale the market moved up

MARKETS

New York, Aug. 7. Rex rubber future todny closed 8 to 15 points lower why sales of 27 contacts,

$2.70

53 CARGO SHIPS TO BE BUILT IN U.S.

Washington, Aug. 7. The United States Mari- time Administration today signed a contract calling for construction of 63 cargo ships in US shipyards dur- Ing the next 14 years.

Mr Claretico G. Morte, the Mortimo Administra or, sald cort of the pro-

gramme was $500 million.

The contract was signed with

allely from the lows at the to 16 points lower with no sales Lykes Scamship Company, of

clocr 01

са

covering

but still show-

ed a no less of three to 23 points. Opening prlets were eff shree to nine points.

Commission house liquidation Band hadze selling, credited to other southern 274 Memphly rnd

231

GO!

0132

972 Interests, kept a mill and other 31 trade

demand over-supplici Got most of the time.

31

2012

45%

Sept

Nov

31.00

Jaz

32.06

Mar

43.10

May

37.30

the timated

July

Bepit.

51.70

31.00

Standard contract closed five

reported,

Sept.

32.50

New Orleans, and it provides

Nov

32,00

Jan

22.05

Mar

02.40

that the new chips will replace the verscis now operated by the compatty.

Alay

12.00

July

31.00

Lent.

31.70

Mr

The Maritime Administration Limited nclivity centred will pay about 10 per cent of between dealer interests as con- the construçilon costs and about sumers continued to mark time. 75 per cent of the ope.. Shipment offerings were on the costs of the ships under a 20- The average guess of 80 mem-light side, towing partly to the year subsidy provisich. bers of the Now

Morse said the con- York Cotton delay, or non-arrival of cables Exchange Indicaled on end-July from Sumatra. Offerings from struction programme meant that crop prospect of 12,033,000 Thailand 413% balco

were smaller than an estimated 60,000 man-years Tucscity but still considered of work would be assured la · The hights! gutes was 18 mil-over-valued by local buyers. US shipyards-Reuter, on and the lowest 11.0 million Doniesile factory demand wha balca. The crop last year totalled negligible. Spot No 1 Hsa wh 13,310,000 bales,

The ten-year quoted at 82%

Standard Oil of Ind.

Steheard all of Cal

BN

B010

Standard Oil of N.J.

steep Rock (Tonto Enge Barlang Drug Co

3319

Twenty Century Fox Film

averige was 13,000,000 bales, Press,

Buyer hesliency also reflected by disappointment over quldiness

Union Carbide

Union Pacille Railway

20

1nited Aircraft

Untied Gas Corp.

18. You "*"

1.8. Gypsum

In

UA. J Co.

L.S. Rubber

US Smelting

Sicel and astors featured on

1.93 the move, rising sharply

dermand heavy

which put Dethlezem Stert. General Melors and U.S. Star In top 400 ₫ 415 peilien ou the active llet.

Industrial hud improvement extending over three peints.

Chief soli spols were airline lecues which fell a point more on CAB refusal to grant Inte rises.

Trade Talks To Go On

Manlia, Aaig, Ú The Philippines and Japan will resumé trade negotiations today in an effort to break the ethlemata "chused by this' coun-

or

Of 1.107 Aucs tradexi. 538 were higher, 380 lower und 213 unchmigid with 76 at new lows for the day and Ave at New highs.

The Dow-Jones Bverages showed Industrials at 499.48, p 4.35 points; rais 148.21 up 1.00:

try's rejection of Japan's de- utilities 80.44 of 0.19 and 65 mand

for most-favoured-stocks 173.1 r. 1.11. natien treatment. it was an- NY Slock exchange bond volume

was $4,100,000. nannend by the Foreign Affairs

American Block Exchange volume Department yesterday.

The negotiations resumption gains added significance due to the concellation of the open necourt system of trafe between the iwo countries and the

Institution by Japan of a "cann and carry trade bigas,

was 750,000 shares,

Closing Prices

Allied Chemicals Allied Mulia Inc. Allis Chalmera Amerton Airline Am. Cable & iloilo Corp. American Cyanamide, Co Am Fetga. Power Meanwhile, a Japanese Em-

A. Gea & Elecule spokesman yesterday Ans. Mach. & Fury. denfed that Japan had antis Anertzan Metal refused the Flippine Cobbets American Smelting offer to extend the open ac

So far, steel producers have had little indica-basy tion regarding requirements for the 1958 models; present automobile industry acquisitions are aimed primarily at completion of 1957.

Am. Sugar Rel. -... American Tul de Tel Ausrican Tob. "" Anaconda Copper Armco Steel Armour

count arrangement for another. month till the end of August,

He wald the Philippine pro- Allas Cond. Mining

reached the

Baltimore & Olio

Toyo Boinwin.Lama-Honl

not average much above an 85, hatt not given Japan cuffielen: Benguet Cons. per cent rale,

However, a rate of this site: atier 80 per cent as estimated

Bethlehem Steck

Hoeing Airplane Horden (The) Co. Buruh Add Machine Campbell Soup Co.

1.5. Sterl

Weer Bros. Byertighae Electric Western Union Tel, Co. West Va Fuin & Paner Wockwork

day.

2712

In the textile trade and the slow-down in demand › fór spot cotton.

cents.-Unlied

AMSTERDAM

Amsterdam, Aug. 7.

The rubber market was dull. All quotations were unchiunged.

Lower sal bank payments-United Press. end uncertainty over possible 301 lest-minuic efforts by 442

Con-

reso to push through low sup- cport legislation, proved add- 20lonial handicaps.

64xd

017-

this. Other traders owalled the aus government's 1057 Ioan Anouncement, expected any time sfer the crop report is out of the way-United Press.

United Press.

LONDON

STOCK MARKET

London, Aug. 0. Markets and another ragged New York was an Im- portant factor the sight of the Dow-Joncs Industrial average bobblag around 500 instead of 520 was rigarded as a warning and buyers of subsince held of Dollar stboks suffered losses of several points—with one r two exceptions--and the pre- 437 mium Cared, 4 to 15 par cent.

Brish Goverments

$0316

20*

3414 187

54 excepilonally closed a trifle

50% lower but most of the medium-

1722 daleds and long-dateds ende:

wik kalns of

701%

03

644 shillings or oven 6/3. 搭福

14%

10

Industrials showed

mixed picture of mali, gaina

and lores, especially among the

53% Jerse- knowns.

1%

Department

stores and chain stores enjoyed

30% seme support, due to good sales

6826 Agures, but quick profit-taking 40%

kept them subdued.

Month

SINGAPORE

Singapore, Aug. %. The market opened unchang- od and cased on small proft-

taking

At the lower levels the trade showed interest and the market ruled quietly

There steady. was a fat interest in lower sheets and some thetory in quiry. Futures;

Colume

Open Interest

Oct.

1.200

175,200

Dec.

13.500

254,900

Mar.

0.000

151.600

Mny

5,000

No. 1 rubber

141,300

July

August

5,100

108.800

Oct.

7.300

10.400

September

October

Dec.

700

$1,000

Total

43,700

per 16.

929121

No. 3 rubber per lb. Aug. $55,900 bales No. 3 lubber per ib, Aug.

NEW YORK

COTTON PRICES

New York, Aug. 7. Prices of cotton futures closed

today as follows,

15.237

24.10

34.21

British Firm Awarded Big Order

Manchester, Aug. 7. Britain's Metropolitan Vickers engineering firm has won almost the complete order to build £4,400,000 power

station for

Victoris, Australih, it was to. ported today.United Press.

NAMESAKES

Answers:-1 Duchess,

2 Rc-

7

ward. 3 Churchill. 4 Corona- tion, 5 Chatter, € Joke, Paidee, 8 Queen, 9 Blenheim, 10 uniquated Abigail, 11 Anne, 12 Fighting, 9114-1

No. 4 rubber þer 15. Aus 09%-80%% Spat nibber unbated.... 021-929 Blanket crepe No. 1 pale stepe United Prem

LONDON

101-103

London, Aug. 7. The rubber market was very quiet with

27-3/10 pence per lb. Prices: spot quoted A

No, 1 Ras upal 8734-373%

Setüement hoved fermi

August

Kepleraber

34.21-21 Oet/Dec.

34.28-27 Jan./Mar.

33.09

| ApmAluno

79.03-84 General markets, eit lisale, patu 37.79

33.50

M44.13

24,17

3427

34.210 33.68

August

Artenber

Datober

Entale crepe thin

Aug. Exists crepe thlek Aug

New York Foreign Exchange

New York, Aug. 7. Closing rates were;

Canna

England official

"

20-days

00-days

Spot Oct.

Dec.

Mar.

May

July

Oct.

14

were

Der

4.

CON

caster but support appeared just before, the cluse. War Loun

24

-United Pres NEW ORLEANS

around five

New Orleans, Aug. 7. Prices of cotton futures closed today as follows;

Spot

Oct,

Dee.

* very

Mar.

MAY

July

od.

29.05

Dec.

32.70

Untied Press

Canadian Pacific It

30%

Everal

Case (J. 1)

Cat. Tractor

.

23

already

etanuse Corp,

102

Olla mostly drifted tower, led by Royal Dutch whi down 10/- British

Colton was nonce per Petroleum Old contrae: Oct/Nov

LIVERPOOL

Liverpool, Aug. 7. Future closings,

in

South Africa

lb. were as follows:

Beigtun

21.08

tral la

C. 1. T. Financial Corp.

Chase Malat. Bak

18

tax Molybdenum

73%

lost 1/0 and Shell. nlne pence. Suez Canal fell £1-10 to £50.

Only feature in German

Dec/Jan

20.28

Pakistan

Mar/Apr

Okers unchanged

May/June

July/Aug

2043

445

bonds. was

the

demand for | New contract Oct/Nov

Dec/Jan

26.87

40%

Mar/Apr

28

both

and ascented

non-

May/June

-242

22

51%

In general the group was un- changed.

Recentes. Some of the Japanese artenleds cased fracționally but

July/Au

2193

Valted Press. ·

SAO PAULO

77K

Cotten

cruzeires

Sao Paulo, Au. 7. tutture clarings, in Julbo were Der

B5

follows:

Oct

30,35

Dec

39.40

Mar

40.40

Zurich

May

40.70

July

40.89

time to study the mater.

He added it was now difficult

Kince

were

Most steel market observers, anticipate any spectacular comt-f

Speculation among some poral are confident that active now back. model car sales will produce of the industry's leaders is that Goverment only on, the eve Beneficial Finance

production will of the expiration tate which: Bandix Aviation Corp. good revival in automoblie steel fourth quarter requirements particularly from September through December,

Steel analysts report tlist the outlook is for a gain in steel consumption starting no later than September storming large ly from the automobile industry, As they soo it, the current small | Improvement in demand for hót and cold rolled sheets will grow substantially when Detroit real ly starts to move on 1938 inodels, IMPROVED BUYING

They also look for improvet buying by the appliance in

dustry which perhaps has been

for the third quarter, would be to return to the former open suficient to bring the Industry's account system moduction for 1957 above the trado transactioris between the 1930 output of about 115,000,000 two ions:

eDuntries

A few stcel men believe being carried out on a cash that production may even equal basds.-France-Prosse, record of or exceed the 1966 approximately 117,000,000 tons

ti automile industry ordering is especially active.

in scrap prices were steady to higher in the previous week. The main reasons for tils werd said to be the outlook for a ra-

London Metal Prices

London, Aug. 7.

Chrysler Motorm

| ColgatesPathipilve Co.

Colomblon Carbog Co. Commercial Credit

Commonwealth Elec Consolidated Elizon Continental Oil of Del,

Crown Zellerbock

Cuban Amer. Sugar Diamond Alkali.

| Douzido Aireran

even more rezolute then auto-covery in steel production and the mobile makem about cutting mall. visible supply of good in sterling per long ton as fol- inventories. Demand for heavy quailly scrap. plate, meet structured shapes

Prices of metals closed today Dow Chemicals......

In most markdis new

Hows:

milk

and peanders tubing for the all buying was limited while ex- T industry mainstays amang steel products is considered port business was inclined to be

pold by the analys's for the

quiet.

Grot 3-month Copper

Spot However, brokers and dealers

3-mont

Aug.

especially in. lighter plate and Soc Bigher struchirala,

Dupent de Nemours Basinin Kodak

El Paso Nations) Gas Family Finance Corp.

buyers wollers Firestone Tyre & Rubber

439{ ་ 346

213

213

DIN

02

DZ

AUR.

TAA

74

7314 *end actvice today.

United Press. NEW YORK FUTURES

New York, Aug. 7. Prices of metal futures closed

balance of 1857. But they note alle expressed confidence that Lead ist hair" clear Itadionlors that cupply has started to catch up with demand domestic demand would revive.

Nov. Indus.rial and railroad grade of serap were consider Zine ist kle Tinplate mills probably will die be in a particularly strong

poslion China Mali Special. continuo

their to operate

PLATINUM OUTLOOK plotrytie lints at capacity the balance of the outrent quarter. However, the potential supply, for use and

London, Aug. 7.

The reduction in the price of platinum last week by ano af

Ford Motor

General Electric

General Foodu General Motors den, Pub. L.

Gildden, Co.

Goodrich (B. *j dol

codyear yt"

Heyden Hewport Carp. Homoninke Mining Co. Ingersoll-Rand

filand Bleo) Cu. Interchemical Corp.

Int'l Business Macisines Int'l Urvoster..... InternaDonal Nickel International Peper

mil Tți & T John-Manville Cu

quarler is ahead of probable ihn two letting United Kingdom today in cents per lb. as follows Kanne C. Power & Light"

dinaire and some curtailment renors could not have ecto us Lead

In prochietion is expected in much of a surprise to desier

the period.

Shipments of

000 tons; the industry's capacity.

tinplats inst peas totalled 4,015,- how progressively casing

pgina months, and the reduc-/ Copper

one refiner from £34 to

to produce this product is now on

about 8,000,000 tons and is 31 per troy ounce headed towarđa 0,006,020 tons.

Another factor of importance sumably logical sequence to is, that expels of Unplate are them events. The other icading running less this year than ineliner has not changed his peke 1050, This refects tightness and is still quoting #34,

Young Leca which rose. £1

Chinese were also fractionally 100% down but they are. all above

1001

thede 1957 lows-United Press.

New York Sugar Market

New York, Aug. 7. World No. 4 sugar futures to- diny closed unchanged to six points higher with sales of $10 contracts.

The domestly No. 6 contract closed unchanged to one point higher with cales of 80 con-

September covering. ond sattered demand pending fur- the developments in the W 2011 situation, teakured ¤ generally ant, quict trade,

20.40

In the United States, the avorage price of înc-incis cotton at 14 designated spot markets was not avellable.

Tolet sales at there 13 markets were 0,803 bales-United Press.

SINGAPORE STOCKS

Singapore, Aug, 0. Brokers today quated the following stocie prices:

Opening Tak Lintah Hubber... $7.30 British Boruen Pefroisum. di- 424-25|| Colwolidated Tin disaiters

{exd}}} Fraser Havo Li Frasop. & Neavo, Tiny, eum.

Kennecott Copper

100

arts.

Kiguet Meyers Tob. Co.

Lockheed Aircraft

57

AUR.

18.400

LAMWE USED.

électrolytic the metal.

Price In the world market

had

Sept. Zinc

AUR. Sept.

18.33 b

p.ših

дать

Lone Star Cement Co. Lowensisip & Sons, Mepervell Aderit (Am.

Stuck Fes)

For

Mesabi tron Corp.

Aug.

20.441

Minnziota Mining

Contract No. 4 (wdrid)

sept.

2046b

Modbo Develepihent

was pres Tim

Meseento Chonslägt Co.

BOT?

AUL

Sept.

24.00 (strait) 04.250

Muntgomery Ward

Bebt. Cnt.

Arcinfota In2.

4.24 4.00

Jar O

United PreAN.

National Cash RMG HÄ

Mar

11.03

Notiena) Dairy Prod.

May

National Lead

July

Gemmone (Malaya)

#*.92-1

$4.00

text.

Berakend

Shanghai

Oct

Bank (axalis

Spot-teents per lb, fa

Hoa don. Th

10

Cuba

20

Кіправ

Duren-Tilbiela Clari

Open Interest: 6,011 contescis.

Humia Kampar Th

Pacific Ora di Bico,"

4714

Blight. Wem dobo in the local

fan - Amarleon Airways

Contract No. (domestic)

Farmhoust Pictures

Parko via Cs,

Sept.

5,00

Now,

0.03

Barton Köket,

Mar

Kazimoto Cold Biorage.

Sept.

8.64

Grille Tradinggan

Procter & Gamble Co. Pittsburgh Plate Glam 21745 Publicles. InstumtrŠNO ›

Bpop-toente por 1b, cât NY ex-duty)

stralia Pazhip.

8.20

United Engineers

Open-interest: 4,770 corripapku.

Wearms Bice ..***

Undaa PreRK.

Opni market press In the

more Uniter Kingdom continub to Exchange Rates

of dollars, in many markets and the foot that Europe is noerly self-debeat in duplato

and picly expanding its own electrolytic output.

NO BIG COMEBACK

move lower and are now man-

Bolled at from £29.to £30

troy ounce compared with 230 uolebel ¡ONCHABRÍ. MARKET

10 to £at da vocently; "Kradling i morning si the filowing rates:- interest in the nee matow Be

dokler (per Ma

hroat Tubes) frock, in dxsering i raported in be at a low cub, tha | Harian motor per aliu the operations outlook - for the doma biracynen này that the eties. ätakitilan säter (per: 41), remainder of 1957, are careful root favel does not doulc too Indonesien rupiah (per 100) ..

Bin Loa (pie 190) ingapore (Stenite) to emphased that they do not scuro,"

Nation Steel Corp,

New York centra)

Dun Mathieson

Die Elgators

Penny ..C; Co

1997 | ship Morsia a 18.00 $3.60

ktinas Nubber Estates

Valuyan Hreward on.

Now Berandah Hubber Co

-Pataling, Tin ..

-China Mall spoolai

Australia

New Zealand

1.04-1/10

2.70% 2.77-10/20

2.294h

2.78%

.0199-3/13

2003

-United Pres.

London Foreign

Exchange

London, Aug. 7. Closing rates were;

New York

Montreal

Brukett

Calo

Stockholm

Others unchanged

2.7032+2.70-5/10 9,031-2.04 139.625-139.0715 10.00-10.984 14.44)-14,49 12.1794-18.1732

-United Press.

18 Woodstock.

Sarah Jennings

Marlborough).

Wharover

(Duchess of

you're going***

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